Crypto Futures Target Anthropic’s Potential $2 Trillion IPO

Crypto derivatives markets are already pricing Anthropic’s prospective initial public offering, with open interest in futures linked to the AI firm reaching about $79.27 million. The activity comes despite the company’s lack of disclosed pricing, valuation, or share count.

Derivatives Activity and Trading Venues

CoinGlass data shows the ANTHROPIC pre‑stock contract trading around $2,147, with more than $20 million changing hands in a 24‑hour period. Binance accounts for roughly 40 % of the total trading volume, making it the largest venue for these contracts.

Nature of the Contracts

The contracts are cash‑settled futures that reference an anticipated valuation or share price. They do not represent actual Anthropic shares, and there is no circulating supply or spot market for the instrument. Each futures position has a long and short side, so rising open interest reflects greater participation and leverage rather than a clear bullish bias.

Broader Trend in Pre‑IPO Crypto Instruments

Anthropic joins OpenAI in a growing segment of crypto markets that create tradable instruments around private Silicon Valley companies. Binance Research reports that open interest across Anthropic and OpenAI pre‑IPO perpetuals exceeded $160 million this month, up from roughly $1 million in April. The two companies accounted for about 95 % of pre‑IPO perpetual volume in early September.

Regulatory and Market Context

Anthropic filed a draft registration statement with the U.S. SEC in June but has not yet set a final valuation or share price. Investors have discussed a valuation as high as $2 trillion, which would rank the IPO among the largest ever attempted. The company is now expected to launch the IPO in November, later than earlier expectations.

Industry Commentary

Circle CEO Jeremy Allaire urged Anthropic to proceed with a public listing, citing benefits such as audited financial reporting, quarterly disclosures, and stronger governance that can improve confidence among banks, regulators, and enterprise customers.